Geode Capital Management LLC Boosts Stock Position in Baker Hughes Company $BKR

Key Points

• Geode Capital Management increased its Baker Hughes stake by 0.8% in the fourth quarter, ending with 26.2 million shares worth about $1.19 billion and representing roughly 2.66% of the company.
• Baker Hughes reported better-than-expected earnings for the quarter, posting $0.58 EPS versus the $0.49 consensus, while revenue rose 2.5% year over year to $6.59 billion.
• Analysts remain broadly positive on the stock, with an average rating of “Moderate Buy” and an average price target of $69.41; the company also recently paid a quarterly dividend of $0.23 per share.

Geode Capital Management LLC boosted its holdings in shares of Baker Hughes Company (NASDAQ:BKR - Free Report) by 0.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 26,213,363 shares of the company's stock after purchasing an additional 204,534 shares during the quarter. Geode Capital Management LLC owned approximately 2.66% of Baker Hughes worth $1,189,194,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Krilogy Financial LLC increased its holdings in Baker Hughes by 3.2% during the 4th quarter. Krilogy Financial LLC now owns 5,722 shares of the company's stock worth $261,000 after purchasing an additional 180 shares during the last quarter. Formidable Asset Management LLC increased its holdings in shares of Baker Hughes by 3.2% in the 4th quarter. Formidable Asset Management LLC now owns 7,341 shares of the company's stock valued at $358,000 after acquiring an additional 225 shares during the last quarter. CoreCap Advisors LLC increased its holdings in shares of Baker Hughes by 16.4% in the 4th quarter. CoreCap Advisors LLC now owns 1,619 shares of the company's stock valued at $74,000 after acquiring an additional 228 shares during the last quarter. AMG National Trust Bank increased its holdings in shares of Baker Hughes by 3.7% in the 3rd quarter. AMG National Trust Bank now owns 6,831 shares of the company's stock valued at $333,000 after acquiring an additional 246 shares during the last quarter. Finally, JFS Wealth Advisors LLC increased its holdings in shares of Baker Hughes by 45.1% in the 4th quarter. JFS Wealth Advisors LLC now owns 811 shares of the company's stock valued at $37,000 after acquiring an additional 252 shares during the last quarter. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Baker Hughes Price Performance

Shares of BKR opened at $63.88 on Friday. The company has a market cap of $63.37 billion, a P/E ratio of 20.41, a PEG ratio of 2.30 and a beta of 0.97. The stock has a fifty day moving average price of $63.69 and a 200 day moving average price of $56.79. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77. Baker Hughes Company has a 12 month low of $36.53 and a 12 month high of $70.41.

Baker Hughes (NASDAQ:BKR - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.49 by $0.09. The firm had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $6.71 billion. Baker Hughes had a return on equity of 14.17% and a net margin of 11.17%.The firm's revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.51 EPS. On average, research analysts forecast that Baker Hughes Company will post 2.31 earnings per share for the current year.

Baker Hughes Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Tuesday, May 5th were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date was Tuesday, May 5th. Baker Hughes's dividend payout ratio is presently 29.39%.

Insiders Place Their Bets

In related news, CEO Lorenzo Simonelli sold 272,594 shares of the company's stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $58.79, for a total transaction of $16,025,801.26. Following the completion of the transaction, the chief executive officer directly owned 866,444 shares in the company, valued at $50,938,242.76. This represents a 23.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Maria Georgia Magno sold 5,063 shares of the company's stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $59.04, for a total value of $298,919.52. Following the transaction, the insider owned 15,555 shares of the company's stock, valued at approximately $918,367.20. The trade was a 24.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 550,250 shares of company stock valued at $32,988,331. 0.19% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

BKR has been the subject of a number of research analyst reports. Jefferies Financial Group reiterated a "buy" rating and issued a $80.00 price target on shares of Baker Hughes in a report on Sunday, April 26th. Evercore reiterated an "outperform" rating and issued a $76.00 price target on shares of Baker Hughes in a report on Monday, April 27th. Piper Sandler boosted their price target on Baker Hughes from $64.00 to $72.00 and gave the company an "overweight" rating in a report on Tuesday, April 28th. JPMorgan Chase & Co. boosted their price target on Baker Hughes from $60.00 to $74.00 and gave the company an "overweight" rating in a report on Monday, April 27th. Finally, Johnson Rice initiated coverage on Baker Hughes in a report on Wednesday, February 25th. They issued a "buy" rating and a $68.00 price target for the company. Eighteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Baker Hughes currently has an average rating of "Moderate Buy" and an average price target of $69.41.

Baker Hughes Company Profile

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm's roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE's oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.

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